Loss-making Uber joins cities to supplement public transit
UBER last quarter posted its slowest revenue growth rate and its largest loss at US$5
UBER last quarter posted its slowest revenue growth rate and its largest loss at US$5.2 billion mainly due to the stock-based compensation that the company paid its employees after its initial public offering in May.
Uber's smaller rival, Lyft, also suffered a loss this quarter, albeit less than forecast.
What does this mean for the once-booming business of ride-hailing apps? Diversification may be the best method moving forwards, says the New York Times.
Uber's food delivery service, Uber Eats, is performing well. What's more, the company has been collaborating with cities and transit agencies to supplement public transportation.